Kirk Bogard and the team at the Office of the Dean & External Relations is responsible for building relationships and securing funding for the FSB program. Some pain points for Kirk and his team include the presence of unstructured data, which necessitated extensive cleaning before meaningful analysis could commence. Additionally, there was a clear lack of understanding regarding the changing trends in student placement and salary over time. This gap in knowledge posed significant hurdles, especially when trying to discern the performance of FSB starting salaries across different majors.
To allievate some of the difficulties Kirk faced as well as provide Kirk with ready-to-use data and visualizations, we devised comprehensive solution:
Data Cleaning: We started with the data cleaning processes to transform the raw data into a usable format. This ensured that only relevant variables were considered, paving the way for accurate analysis.
Our approach leaned heavily on data visualization:
*We created histograms that detail the salary distribution for each specific major on a yearly basis, providing a clear view of evolving trends.
*Bar charts were formulated to compare the starting salaries offered by top companies to FSB majors, shedding light on industry preferences and biases.
*Comparative Analysis: To offer a broader perspective, we juxtaposed FSB’s data with average starting salaries from Fisher School of Business and Kelley School of Business. This allowed us to benchmark FSB’s performance across various majors in comparison to other top business schools in the area.
Information Systems and Business Analytics majors tend to make the highest salaries, with Finance and Economics trailing slightly behind. Marketing to a big dip in 2021 to be the lowest paying major.
When comparing Farmer with Kelley School of Business and Fisher School of Business, we see that Kelley outperforms the other schools for all majors. Farmer and Fisher go back and forth for majors but are roughly the same.
For top companies, Information Systems majors tend to make the highest average starting salaries.
Indiana University Salaries: https://kelley.iu.edu/recruiters-companies/undergrad/statistics/salary-statistics/index.html
Ohio State Salaries: https://files.fisher.osu.edu/careers-recruiting/public/2021-10/AnnualReport2021.pdf?VersionId=UnbXIIgZenGaz8EVfozFCS1lJrl9bf5A
CPI Inflation Calculator: https://www.officialdata.org/us/inflation/2022?endYear=2021&amount=60000